Ratings Agencies Boost Bear Stearns

Bear Stearns agreed Sunday to a sale to JPMorgan Chase at the equivalent of $2 per share. The stock closed at $30 on Friday and Bear Stearns said last week its book value per share was in the mid-$80s range.

Credit ratings agency Moody's Investors Service put Bear Stearns on review for possible upgrade.

Moody's said it was reviewing the "Baa1" long-term rating of Bear, just three days after downgrading it two notches from "A2." Both ratings are investment grade.

S&P put Bear on CreditWatch with developing implications. It had put Bear on CreditWatch with negative implications only last Friday.

Fitch raised the long-term issuer default ratings on Bear to "A-" from "BBB" and placed the ratings on Ratings Watch Positive. Fitch had placed the ratings on Ratings Watch Negative last Friday after Bear struck a deal with JPMorgan for short-term financing.

All three agencies also affirmed their ratings on JPMorgan Chase.

Shares in Bear Stearns plunged 89 percent to $3.20 in premarket trading _